CORRECTION: Avenue Capital Management II, L.P. Provides Update on Disposition of All of Its Securities of Connacher Oil and Gas Limited

CORRECTION: Avenue Capital Management II, L.P. Provides Update on Disposition of All of Its Securities of Connacher Oil and Gas Limited

Canada NewsWire

NEW YORK, April 16, 2018

NEW YORK, April 16, 2018 /CNW/ - On March 13, 2018, Avenue Capital Management II, L.P. ("Avenue") announced that certain funds ("Funds") managed by Avenue had disposed of their ownership of 12,843,841 common shares ("Common Shares") of Connacher Oil and Gas Limited ("Connacher") and US$19,260,783 principal amount of 12% second lien convertible notes of Connacher due August 31, 2018 (the "New Convertible Notes") through a private agreement at a price of CAD$0.00 per Common Share and US$0.01 per New Convertible Note for total consideration to the Funds of CAD$2,472.

Avenue today announced that the effective date of such dispositions was April 16, 2018 (not March 12, 2018).

Immediately prior to the dispositions described above, the Common Shares and New Convertible Notes held by the Funds together constituted approximately 76% of the total number of Common Shares outstanding (assuming the conversion of all of the New Convertible Notes owned by the Funds and no other conversions of New Convertible Notes). Following the disposition described above, the Funds no longer own, or exercise control or direction over, any Common Shares or New Convertible Notes.

The Funds have no current intention to acquire any Common Shares or New Convertible Notes, but may, depending on market and other conditions, acquire beneficial ownership or control of Common Shares or New Convertible Notes through private agreements in the future.